Industry News - The Ministry of Industry and Information Technology and five other departments have issued guidelines to enhance the green production level of photovoltaic (PV) modules by 2027, aiming for improved recycling material usage and better evaluation standards for module disposal [2] - China's total primary energy production has surpassed 5 billion tons of standard coal for the first time, reaching 5.13 billion tons by 2025, marking a significant achievement in energy supply during the 14th Five-Year Plan [3] - The Zhejiang Provincial Development and Reform Commission announced the first mechanism electricity price bidding for new energy projects in 2026, with a total scale of 5.68 million megawatt-hours, including 5.61 million megawatt-hours from solar energy [4] International News - International oil prices surged significantly on March 2 due to escalating geopolitical tensions in the Middle East, with West Texas Intermediate crude oil rising by $4.21 to $71.23 per barrel, a 6.28% increase [5] - Canada and Greenland signed a joint declaration to enhance cooperation in critical minerals and energy, reflecting growing bilateral relations following the establishment of a Canadian consulate in Greenland [6] Corporate News - The Vice President of Dongfang Electric has retired, marking a change in the company's leadership structure [7]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 NSING TECHNOLOGIES INC. 國民技術股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷 團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊的本公 司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (b) 在聯交所 ...

Market Overview - The A-share market indices experienced a significant decline, with the Shanghai Composite Index falling below the 4200-point mark, breaking through multiple short-term moving averages, indicating a clear weakening signal in the technical outlook [5] - The market saw a notable drop in the number of stocks, with a ratio of 36 gainers to 88 losers, reflecting poor profitability for investors [6] Trading Volume and Capital Flow - The total trading volume in both markets reached 3.13 trillion yuan, an increase of 3.60%, indicating active trading but with significant capital divergence [7] - There was a net outflow of over 10 billion yuan from technology sectors such as electronics, computers, and semiconductors, while substantial net inflows were observed in defensive sectors like oil and transportation [7] Investor Sentiment - Institutional investors significantly adjusted their portfolios, reducing exposure to high-volatility sectors like AI, semiconductors, and new energy, while slightly increasing allocations to low-volatility defensive assets [8] - Retail investors displayed a "counter-trend bottom-fishing" behavior, attempting to capitalize on oversold stocks, but many were passively holding positions in response to the market downturn, making short-term trading challenging [8][9]

Group 1 - The core viewpoint of the article is that the recent surge in the oil sector, particularly the "three oil giants" (China National Petroleum, Sinopec, and CNOOC), is primarily driven by geopolitical tensions in the Middle East, specifically the conflict between the U.S. and Iran, which has led to fears of a disruption in global oil supply [3][4][5] - The conflict has escalated to a point where Iran has threatened to close the Strait of Hormuz, a critical passage for approximately 20% of global oil trade, which could lead to significant supply chain disruptions and increased oil prices [4][6] - Short-term market sentiment is currently high due to geopolitical risks, with Brent crude oil prices recently spiking over 13% to exceed $82 per barrel, marking a 14-month high [5][6] Group 2 - The potential investment opportunities in the oil sector include upstream resource companies like the "three oil giants," which stand to benefit directly from rising oil prices, as well as oil service and equipment firms that may see increased capital expenditures due to high oil prices [6][7] - The shipping sector may also benefit from increased freight rates due to longer shipping routes resulting from the closure of the Strait of Hormuz, positively impacting companies like COSCO Shipping and China Merchants Energy [7] - However, the article warns that while the current surge in oil prices may present short-term trading opportunities, the long-term outlook for oil prices is bearish due to an oversupply situation and the rapid development of renewable energy sources, which could lead to a supply surplus of 3.73 million barrels per day by 2026 [7][8]

Group 1: Market Performance Review - The Hong Kong stock market showed steady performance this week, with structural differentiation; energy sectors led gains while technology stocks faced pressure. The Hang Seng Composite Index, Hang Seng Index, and Hang Seng Technology Index increased by 0.42%, 0.82%, and decreased by 1.41% respectively [3][14] - Among the primary industry sectors, 9 sectors rose while 3 sectors fell. The healthcare, consumer discretionary, and information technology sectors dropped by 4.95%, 1.82%, and 0.98% respectively [3][14] - The overall situation indicated that large-cap stocks, growth stocks, and value stocks performed well, while small-cap stocks also showed resilience, with technology stocks experiencing deeper declines [14] Group 2: Macroeconomic Environment - The macroeconomic environment indicates that the domestic economy is still in a bottoming phase, with some recovery in economic data. The focus of future policies will be on technological innovation and expanding domestic demand [4][42] - The People's Bank of China has emphasized the implementation of more proactive macro policies, with a focus on expanding domestic demand and optimizing supply [4][42] - The market's liquidity remains relatively ample, with significant net inflows from southbound funds amounting to HKD 6.705 billion, although this represents a decrease of HKD 21.095 billion compared to the previous week [4][42] Group 3: Sector Allocation Outlook - The report favors sectors that are relatively prosperous and benefit from policy support, such as new energy, innovative pharmaceuticals, and AI technology. Additionally, low-valuation state-owned enterprises that are stable in performance and stock price are also highlighted [4][42] - Local Hong Kong banks, telecommunications, and public utility dividend stocks are expected to benefit from the interest rate reduction cycle, as their fundamentals are relatively independent [4][42] Group 4: Buyback Statistics - The buyback market saw increased activity this week, with 39 companies participating, an increase of 9 from the previous week. The total buyback amount reached HKD 982 million, up by HKD 708 million from last week [25][26] - Xiaomi Group (1810.HK) led the buybacks with HKD 399.989 million, followed by Geely Automobile (0175.HK) with HKD 210.857 million [25][26]

Group 1: Report Industry Investment Ratings - No relevant content Group 2: Core Views of the Report - Gold 2604 is strong in the short - term, oscillating in the medium - term, and strong intraday, with a short - term bullish view due to short - term safe - haven demand pushing up the gold price [1] - Copper 2604 is oscillating in the short - term, strong in the medium - term, and slightly strong intraday, with a long - term bullish view because of the recovery of domestic liquidity and the rise of industrial support [1] Group 3: Summary by Variety Gold (AU) - Intraday view is bullish, medium - term view is oscillating, and the reference view is short - term bullish. The core logic is that the continuous tension in the Middle East geopolitical situation supports the gold price, but the market has partially priced in the US - Iran negotiation issue, so the increase is limited. The rising US dollar index suppresses precious metals, and there is a co - existence of profit - taking and bottom - fishing. Overall, the gold price may continue the slightly strong oscillating pattern in the short - term [3] Copper (CU) - Intraday view is slightly strong, medium - term view is oscillating, and the reference view is long - term bullish. The core logic is that the market's risk - aversion sentiment has increased, and the non - ferrous sector was slightly strong yesterday, but copper's performance was average. Global copper inventories are continuously accumulating, suppressing the copper price. The main logic of the copper market lies in its own supply and the expectation of marginal demand. Currently, Shanghai copper has been oscillating in the range of 100,000 - 105,000 for a long time, lacking a clear directional driver in the short - term [4]

期货研究报告 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 投资咨询业务资格：证监许可【2011】1778 号 有色金属 姓名：闾振兴 宝城期货投资咨询部 从业资格证号：F03104274 投资咨询证号：Z0018163 电话：0571-87633890 邮箱：lvzhenxing@bcqhgs.com 作者声明 专业研究·创造价值 2026 年 3 月 2 日 铜铝周报 有色继续维持震荡 核心观点 铜：震荡中等待新驱动 节后外盘铜价震荡偏强运行，沪铜整体表现平稳，整体持仓小幅增 加。铜市自 2 月初的冲高回落后，维持横盘震荡，说明在去除情绪溢价 之后，铜市依然有较坚实的基本面支撑。 对于铜市而言，中周期的逻辑依然要关注 AI 和新能源等边际增量 带来的驱动，其次是产业供需表现。节后国内流动性恢复叠加下游补库 需求或能给予铜价支撑。可持续关注国内库存情况以及产业下游补库情 况。 铝：春节铝价先抑后扬，节后产业支撑 ...

Investment Rating - The report maintains a strong outperform rating for the industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The report highlights significant growth in the wind turbine export scale, projecting a year-on-year increase of 48.9% in 2025, with a total export capacity of 7.73GW [5][10]. - In the photovoltaic sector, Tongwei Co., Ltd. is planning to acquire 100% of Qinghai Lihua, indicating a trend towards consolidation in the polysilicon industry amidst ongoing supply-demand imbalances [28]. - The report notes that the energy storage and hydrogen sectors are experiencing robust demand, with a recommendation to focus on companies with strong competitive positions in these markets [6]. Summary by Sections Wind Power - The wind power index increased by 6.06%, outperforming the CSI 300 index by 4.98 percentage points, with a current PE_TTM valuation of approximately 24.55 times [4][11]. - Seven turbine manufacturers exported to 28 countries, with Goldwind Technology leading at 3.86GW, representing 49.9% of total exports [5][10]. Photovoltaics - The photovoltaic equipment index rose by 1.88%, surpassing the CSI 300 index by 0.80 percentage points [29]. - The acquisition of Qinghai Lihua by Tongwei Co., Ltd. reflects a shift towards mergers and acquisitions in the polysilicon sector, aiming to improve supply chain dynamics [28]. Energy Storage & Hydrogen - The report discusses potential legislative actions in the U.S. that may restrict imports of certain Chinese energy storage systems, but emphasizes the overall growth potential in domestic and international markets [6]. - Recommendations include focusing on companies like Sungrow Power Supply, Haibo Shichuang, and others that are well-positioned in the energy storage sector [6].

Investment Rating - The report does not explicitly provide an investment rating for the colored metal industry. Core Insights - The colored metal industry plays a crucial role in national economic development and faces multiple ESG challenges, necessitating a focus on sustainable practices and high-quality development [4][6][7]. - The report emphasizes the importance of ESG performance in the colored metal industry, highlighting the need for improved disclosure and addressing core ESG issues [7][10]. - The industry is experiencing significant growth, with China's production of major metals accounting for 58% of global output, indicating its dominant position in the market [27][30]. Summary by Sections Section 1: Overview of the Colored Metal Industry - The colored metal industry includes the mining, smelting, and processing of non-ferrous metals such as copper, aluminum, lead, zinc, nickel, tin, and rare earth elements, which are vital to the national economy [15][20]. - The industry is characterized by a clear value chain, with upstream activities involving resource extraction and energy supply, while downstream activities focus on manufacturing and recycling [32][36]. Section 2: ESG Development in the Colored Metal Industry - The report identifies key ESG issues that the industry must address, including environmental impact, social responsibility, and governance practices [7][10]. - It highlights successful ESG practices from leading companies like Zijin Mining and China Aluminum, which serve as benchmarks for others in the industry [7][66][68]. Section 3: Leading Companies in the Colored Metal Industry - Zijin Mining is recognized as a benchmark enterprise in the industry, with significant copper production and a commitment to sustainable practices [66][67]. - China Aluminum is noted for its substantial production capacity and efforts in green transformation, controlling 20% of global alumina production [68][70]. - Huayou Cobalt is highlighted as a key player in the battery materials sector, demonstrating strong market penetration and innovative practices [70]. Section 4: Development Trends in China's Colored Metal Industry - The industry is undergoing structural changes characterized by a shift towards high-quality development, increased focus on ESG compliance, and technological innovation [67][73]. - The report indicates that the demand for colored metals, particularly in the renewable energy sector, is expected to grow significantly, driven by the rise of electric vehicles and other technologies [27][30].

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The lithium battery sector is experiencing a price increase due to Zimbabwe's suspension of lithium ore exports, leading to a continuous month-on-month increase in lithium battery production in March [2][9] - The solar photovoltaic sector is set to benefit from the US-India tariff agreement, which significantly reduces import tariffs on Indian solar components, creating a structural advantage for Indian exports to the US [3][17] - The wind power sector is presented with opportunities due to the vulnerability of the European supply chain, allowing Chinese companies to gain market share [3][30] - The nuclear fusion sector in Hefei is advancing towards industrialization with the establishment of a comprehensive financial support system for the entire industry chain [4][36] - The energy storage sector is seeing the implementation of a capacity compensation mechanism in Inner Mongolia, which provides a stable revenue stream for independent storage projects [5][43] Summary by Sections Lithium Battery Sector - Zimbabwe's suspension of lithium ore exports is expected to push lithium prices higher, with March production in the lithium battery industry projected to increase month-on-month [2][9] - March production estimates indicate a significant rise in battery production, with domestic battery manufacturers expected to produce approximately 149.59 GWh, a month-on-month increase of 21.93% [10] Solar Photovoltaic Sector - The US-India trade agreement has reduced tariffs on Indian solar components from 25% to 18%, enhancing the competitiveness of Indian exports to the US [3][17] - The tightening of domestic policies in India is expected to create a bifurcated market where DCR-compliant components dominate local supply while non-DCR components are pushed towards exports [18][19] Wind Power Sector - The vulnerability of the European supply chain has been highlighted, with opportunities arising for Chinese suppliers to fill gaps left by local manufacturers [3][30] - The signing of a wind turbine supply contract for the Norfolk Vanguard West offshore wind project indicates a strong push for offshore wind development in Europe [31] Nuclear Fusion Sector - Hefei's establishment of a comprehensive financial system for the nuclear fusion industry is a significant step towards commercialization, providing long-term capital support [4][36] - The financial support includes a 10 billion yuan fund aimed at key areas such as superconducting materials and engineering equipment [37] Energy Storage Sector - The implementation of a capacity compensation mechanism in Inner Mongolia is expected to stabilize revenue for independent storage projects, with a total capacity of 48.36 GWh [5][43] - The new energy system pilot projects emphasize the importance of grid-connected storage and virtual power plants, accelerating the industrialization of storage technologies [44][45]